Macy’s Inc. stock soared 14.8% in premarket trade Thursday, after the department store chain beat earnings estimates for the fourth quarter and offered upbeat guidance for fiscal 2023.
The... Macy’s Inc. stock soared 14.8% in premarket trade Thursday, after the department store chain beat earnings estimates for the fourth quarter and offered upbeat guidance for fiscal 2023. The company M posted net income of $508 million, or $1.83 a share, for the quarter to Jan. 28, down from $742 million, or $2.44 a share, in the year -earlier period. Adjusted per-share earnings came to $1.88, ahead of the $1.58 FactSet consensus.
Same-store sales at owned store fell 3.3% and fell 2.7% at owned plus licensed stores, but were up 3.1% and 3.3% versus 2019, before the start of the pandemic.
A company loses 30% of its profit in a quarter but beats the doomsday fake prediction and the stock rises. If this was a fair analysis it would say sell. Look back a year. It’s time to dump this stock or you could lose 20% in the next few weeks.
That's the recession effect. Now for the cliff drop.
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